What Is Socialism Like Capitalism

Socialism and capitalism are two concepts that are used by governments in respective countries regarding how the economies operate. The two concepts are based on political, economic and social systems. The United States of America is an example of a capitalist country while Sweden is a socialist nation. Apart from the similarity in which the government plays a role in the effectiveness of the two systems, there is no discrimination in both systems regarding race, color or other arbitrary classification. There are notable differences between the two systems based on ownership structure, equity, and employment.

A Capitalist Economy vs Socialist Economy There are a variety of economic systems today, which can influence how prosperous we will be as individuals or as a group. Socialism is an economic system where the government will be greatly involved in the economy. In a socialist economy the government can control many industries, provide public institutions such as health care and education, and equalize incomes of the population. A socialist economy is one of low unemployment and stability, where the government sets production quotas and price regulation upon their perception of the needs of the economy.

Capitalism is a system based on freedom, based on individual autonomy and rights .it is essentially the economic result of a free market. Marx explains capitalism as a means of production based on private ownership and no government interference. For capitalism to be successful, prices of goods have to be competitive or lower than the market value, and sources of labor have to be completely saturated to its carcass.

Socialism and capitalism are two very different economic/industrious systems but, in some ways, they share a few similarities and that is what this essay will be discussing. The comparison between the two systems and their advantages and disadvantages for those who live in such societies. Socialism and capitalism are marginally contradicting scenarios offering advantages and disadvantages in the world of production and financial assistance.

Three different types of economic systems used by governments are Communism, Capitalism, and Socialism. Each type of system is unique in different ways. Each has distinct aspects that make it what it is. In communism, the government runs everything and there are no social classes. The government in capitalism doesn’t interfere with any businesses and lets the citizens own and operate them. Socialism is basically a mixture of the two economic systems. The government runs certain businesses, but citizens run the rest. The three economic systems are different in the way they run things and regulate things.

Although socialism may have better benefits, capitalism has it perks as well. Such as producers and consumers being able to own their own business. The upside of this is that no one other than the government can take the business away from the owner. This results in more rights for the owner. An example of improved rights of the owner could include the owner making their own regulations, deciding wages for employees, choosing how to insure their business, etc. Now the big picture that this focuses greater upon is that it greatly promotes self-interest, rather than government control.

As mentions before socialism is the doctrine that espouses public ownership or control of a major means of production. It aims to achieve an equitable and efficient distribution of social goods and greater economic planning then exist under capitalism. Although the central concerns of socialism appears to be economic its ramifications extend to the moral, social and political realms, in fact together with nationalism, it is the leading ideological and political movement of the 20th century.

Through my online class, I got the chance to learn about socialism, communism and capitalism. They are all different from each other even though there are some similar stuff between them there is a little thing that distinguishes each one from each other.

Accordingly, one idea or fact that is often raised to differentiate socialism from communism is that socialism in general is the political movement that refers to an economic system in that they believe that the state should be in charge of all important producing industries thus taking hold of the control of free market in order to promote economic parity and egalitarianism. Theoretically, socialism seeks to distribute wealth equally among its citizens in a way that the rich don’t take

Capitalism is a social system based on individual rights. No country is 100 percent capitalist, but the closest one would be the United States of America. The idea is to have the freedom to work for what you want. Capitalism is based on the idea where people are responsible for their own businesses rather than the government being in charge of the people’s businesses. If done correctly, capitalism is the best social system in my opinion. Freedom allows people to work hard and earn a good lifestyle, and it allows people to not work if they do not want to. The social systems, such as communism, do not give people the opportunities that capitalism does. Basically, no other social system is based on the idea of freedom for the people. Most social

Though I believe both socialism and capitalism have their fair share of benefits and drawbacks, I personally think the idea of socialism as a whole is better than capitalism, but I believe capitalism is more attainable. Ideally, it would be beneficial for all people to share and maintain all resources, including wealth, equally ergo socialism, but people can be greedy, therefore resulting in an imbalanced system. Therefore, capitalism, in actuality makes more sense as people are able to provide for themselves and do not have to share with others.

In seeking to highlight the key differences between socialism and capitalism, it would be prudent to first offer a concise definition of the two terms. Capitalism in the words of Brinkerhoff, White, Ortega, and Weitz (2007) "is the economic system in which most wealth (land, capital, and labor) is private property, to be used by its owners to maximize their own gain." As the authors in this case further point out, this particular economic system is largely founded on competition. Socialism on the other hand is defined as "an economic structure in which productive tools are owned and managed by the workers and used for the collective good" (Brinkerhoff et al., 2007). From the definitions, it is clear that unlike capitalism, socialism favors a situation whereby there is deliberate control as well as planning of economic activities on behalf of the entire community. In the case of capitalism, no attempt is made to have economic activities controlled from a central point on behalf of the community. Here, enterprises are allowed to compete in the supply of goods and services as they seek to rake in monetary returns. The key

This topic has been the most argued and debated for the longest time, for this reason it is very important. However, in order to debate between Capitalism and Socialism, it is necessary to understand what the differences, advantages, and disadvantages are of both systems. In the dictionary it states capitalism is an economic and political system in which a country 's trade and industry are controlled by private owners for profit, rather than by the state. Socialism is a social and economic system characterized by social ownership of the means of production and co-operative management of the economy, as well as a political theory and movement that aims at the establishment of such a system (Dictionary). The reason why this topic is important because these two views represents the starting point for the economic systems. In its simplest term, the economy is the social institution that determines how a society produces, distributes, and consumer goods and services. Money, goods and services do not flow of their own accord. People work at particular jobs, manufacture particular products. Distribute the fruits of their labor, purchase basic necessities and luxury items, and decided to save or spend their money. A very simple society may produce and distribute only food, water and shelter. As a society becomes more complex and productive, the products produced and distributed become increasingly more elaborate. To be useful, all these goods and services must be distributed

Throughout history, society has been organized by and for the ruling classes at the expense of those who work and produce. And throughout history, the ruling class has been usurped and replaced by the next in line to rule society. And every time a new class comes into power they proclaim their state to be the only state in which humans can function, from the Chinese emperors getting their mandate from heaven, to the captains of industry utilizing social darwinism. Yet despite what these ruling classes say about their own permanence, history shows a constant trend towards freedom, towards the emancipation of all people from class society. Currently we live under a bourgeois dictatorship, or a society in which the capitalist class are the dominant class. This is what creates capitalism, a system in which the means of production, exchange, and distribution are privately owned in a for-profit market economy. Socialism, however, seeks to replace the bourgeois dictatorship with a dictatorship of the proletariat, a society ruled by and for the working class as a whole. In this society the means of production, exchange, and distribution would be held in common in a democratically planned economy. If one has a firm grasp of history it is clear that transitioning to socialism, followed by communism, is the natural progression of human society. Socialism, therefore, seems to be an inevitability. In light of this it is important to understand socialism economically, politically, and

Socialism is understood as a system whereby “resources are owned in common; a system where nobody is able to take personal control of resources beyond their personal possessions such as food and other personal effects” (“What is Socialism”, Web 29/03/2017). Socialism is said to have developed as “an objection to liberal individualism and capitalism in Seventeenth (17th) and Eighteenth (18th) Centuries” (Web 29/03/2017). Democratic control under socialism is taken to “mean a society in which everybody has the right to participate in the social dimension that affect them; while production under socialism is directly and solely for use in order to meet human needs. Under this system, buying and selling are said to be prohibited” (Web 29/03/2017). Socialism would therefore mean an economic system based on the State ownership of capital, production and an equitable distribution of wealth and material resources with free to goods and services.